OREANDA-NEWS. May 30, 2011. Belarus is interested in active development of mutually beneficial trade, economic, credit and investment relations with the Republic of Korea, said Deputy prime Minister of Belarus Sergei Rumas as he met with Lee Ju-Thae, Chairman of the Korea Importers Association (KOIMA).

The sides discussed interaction between Belarus and KOIMA, the bilateral ties, and trade, economic, investment and sci-tech cooperation.

Sergei Rumas noted that the positive results of Belarus-Korea interaction are characterized by an active political dialog, sustainable expansion of trade, economic, investment and sci-tech ties, and the development of contacts in education, culture, and sports. The two countries are regularly exchanging the visits of businessmen, the Minsk and Seoul city councils have established close ties, and scientists of Belarus and Korea implement joint projects.

In 2010 the bilateral trade exceeded USD160 million. Sergei Rumas believes that after the crisis it is important to intensify the bilateral trade and create grounds for close ties in other areas.

Belarus is ready to increase deliveries of potash fertilizers, semiconductors, chemicals and petrochemicals, glass, carbon materials, bimetal, laser technology, optics and other high-tech goods to Korea. Belarus is willing to establish direct interaction with Korean partners in order to eliminate unnecessary intermediary links and optimize the prices of goods.

Sergei Rumas also confirmed the readiness of the Belarusian side to promote investment cooperation with Korean business in the most promising sectors such as engineering, energy, chemical industry, information technology, electronics, transportation and construction.

As for cooperation in science, the parties are working on the project to create the Belarusian-Korean center for cooperation in education and science. The center is slated for opening in 2011.

Besides, Belarus is interested in developing effective mechanisms for financial support of bilateral trade, especially with the participation of the Export-Import Bank of Korea.

Given the important role played by the Korea Importers Association in ensuring the needs of the Korean economy in imported goods and services, the visit of the Korean delegation should become not only a good foundation for further expansion and diversification of the Belarusian export to Korea, but also a significant positive signal for the Korean business community.

The Vice Premier urged Korea to consider Belarus as an effective bridgehead fit for expanding South Korea’s economic presence in Europe and the CIS. In turn, Korea is expected to become one of Belarus’ major partners in Asia, particularly, in matters of trade and investment, scientific and technical cooperation.

The Belarusian Chamber of Commerce and Industry and the Korea Importers Association (KOIMA) signed a memorandum of understanding in Minsk.

In line with the relevant resolution of the Korean government the Korea Importers Association was set up in 1970 to unite Korean importers, distributors and representatives of foreign manufacturers and suppliers. The Association is supposed to promote import of commodities, raw materials and services. At present KOIMA unites over 10,000 companies. KOIMA members account for over 80% of Korea’s import.